OREANDA-NEWS. November 30, 2012. The Government continues to reduce the tax burden on business, even during the global economic downturn. This was stressed by Prime Minister Mykola Azarov at a Cabinet meeting.

The PM reported income tax rate is 21% since 2012, in 2013 it will be 19% and in 2014 - only 16%. As from 2014, rate of value added tax will be decreased: from 20% to 17%. Two-thirds of taxes and fees have been canceled, as well as introduced "vacation" for income tax of newly established enterprises with incomes of up to UAH 3 million and staff to 20 people. That is, as Mykola Azarov noted, "vacation" has been set for small businesses.

"Of course, we do it with an effort. But we are confident that in the long run, this will have a positive effect for the economy and budget," the Prime Minister pointed out.